Business

20 February 2007 [07:40]

Azerbaijan bans fowl import from Russia

Azerbaijan banned fowl import from Russia, press secretary of the State Veterinary Service under Agriculture Ministry informs.
20 February 2007 [07:05]

ROSTIK'S-KFC outlet to be opened in Azerbaijan

By the end of 2006 ROSTIK'S-KFC had in its portfolio 118 outlets, 87 of which are managed by independent franchisees. 67 quick service restaurants are located in Moscow and Moscow Area.
19 February 2007 [22:55]

ISO Secretary-General Alan Bryden to visit Baku

Alan Bryden, Secretary-General of International Organization for Standardization (ISO) will be visiting Azerbaijan on March 1-2 at the invitation of Azerbaijan State Agency for Standardization, Metrology and Patents.
19 February 2007 [15:43]

Education Ministry to present proposals to Tariff Council on tuition fees in higher and technical schools

Education Ministry will present its proposals on tuition fees in higher and technical schools to Tariff Council in April-May, Education Minister Misir Mardanov told.
19 February 2007 [15:06]

German companies keen on cooperation with SOCAR, Steinmeier says

State Oil Company (SOCAR) President Rovnag Abdullayev received German Foreign Minister Frank-Walter Steinmeier visiting Azerbaijan in an effort to explore possibilities of diversification of energy supplies.
19 February 2007 [14:42]

Sangachal-Gazimammad pipeline to be commissioned in June

Sangachal-Gazimammad pipeline project to improve Shah Deniz gas delivery to the national grid has continued to progress and will be complete by the end of March, 2007.
19 February 2007 [14:38]

Applications for ANS's frequency to be received

Applications on tender for ANS ChM radio and ANS TV will be received from Tuesday.
19 February 2007 [14:06]

Baku to host Azerbaijan-Moldova business forum

Azerbaijan-Moldova business forum will be held in Baku by Azerbaijan Economic development Ministry, AzPromo and Moldova Commerce and Industry Chamber on February 23.
19 February 2007 [12:15]

Azerbaijan, Israel to ink Investment Protection and Promotion Agreement

Azerbaijani Economic Development Minister Heydar Babayev has left for Israel on a working visit at invitation.
19 February 2007 [01:42]

SOCAR: Transition from National to Transnational Company or Demand of Time?

State Oil Company of Azerbaijan (SOCAR) is included in the ratings compiled by the American magazine DinarStandard, where profit taking 16th out of 100 positions in the ranking DS. The Oil Company of Azerbaijan is the the world's 68th largest company and valued at the time in the amount of about $ 20 billion.
18 February 2007 [01:30]

Kapital Bank upgraded by Fitch and Moody's ratings

Fitch Ratings upgraded Azerbaijan's Kapital Bank to long-term BB-, 3 support rating and D/E individual rating.
17 February 2007 [22:52]

Kapital Bank net profit to reach $3.64

Kapital Bank foresees to have a net profit of AZN 3.2mln in 2007.
17 February 2007 [17:07]

Sergey Markedonov: "Baku-Tbilisi-Akhalkalaki-Kars to become railway variant of BTC"

"The sharp cooling of the Russian-Azeri relations in late 2006 formally began with outer reasons.
17 February 2007 [13:49]

Rodents hit grain fields in Jalilabad

Rodents are destroying grain fields in Jalilabad.
17 February 2007 [13:46]

Kapital Bank holds annual meeting

Kapital Bank has held an annual report meeting.
17 February 2007 [13:25]

Baku to host first meeting of GUAM event

First meeting of GUAM Transportation Coordination Council will be held in Baku on March 15.
17 February 2007 [09:20]

Sinam offers to create three regional innovation zones in Azerbaijan

Azerbaijan's Sinam has sent a package of proposals on the project of establishment of innovation zones in Azerbaijan to Booz Allen Hamilton consulting firm.
17 February 2007 [08:50]

Azerbaijan's post offices to provide banking-financial services

150 post offices in Baku, Sumgait and Absheron, will provide banking-financial services from October or November this year.
17 February 2007 [08:45]

Azerbaijan, Georgia and Turkey to have parallel power grid

Azerbaijan, Georgia and Turkey will use a parallel power grid in a few years and the parties are carrying out technical and economic assessment of the project.
17 February 2007 [08:40]

IFC to cooperate with Azerbaijan Investment Company

International Finance Corporation, the private sector arm of the World Bank Group, will start cooperation with Azerbaijan Investment Company in the nearest future.
17 February 2007 [08:35]

$43mln to be invested in Almali retail chain

Investments of US $22mln have been made in Almali food retail chain in Azerbaijan, ADA Group Management Board Chairman Rafael Hajiyev said.
17 February 2007 [08:30]

IFC to take a stake in Bank Respublika

International Finance Corporation (IFC) intends to acquire a stake in Azerbaijan's Bank Respublika, Head of IFC Office in Azerbaijan Aliya Azimova said.
17 February 2007 [08:20]

Water pipeline to be constructed in Zagatala

A conference on overall results of 2006 was held in Zagatala.
17 February 2007 [08:15]

Azerbaijani specialists attend international symposium in Russia

International symposium on the theme "Management of projects: Government. Society. Business" is being held in Nizhny Novgorod, Russia.
17 February 2007 [07:40]

Azeri leasing companies' net investment reaches AZN 62mln

As of January 1, 2007, total net investment of Azerbaijan leasing companies amounted to AZN 61.9mln and leasing operations reached AZN 90mln, an IFC annual report said.
17 February 2007 [07:30]

Azersu, SOCAR prepare projects for improving ecological situation

State bodies prepared a number of projects corresponding to the Plan of Measures for improving ecological situation in Azerbaijan in 2006-2010, signed by Azerbaijan's President last year.
16 February 2007 [20:28]

IMF's Vitali Kramarenko to visit Baku

International Monetary Fund mission, came to Azerbaijan on February 14, are holding meetings with relevant bodies in Azerbaijan.
16 February 2007 [20:26]

Agreements signed at Germany-Azerbaijan business forum

A number of agreements have been reached during Germany-Azerbaijan Business Forum held in Berlin by Azerbaijani embassy, Economci Development Ministry and Azpromo.
16 February 2007 [20:21]

Opportunities for Transatlantic Cooperation in the Caspian Region

Richard L. Morningstar, a lecturer at Stanford Law School, analyses the potential of the Caspian Region to lessen Europe's over-dependence on Russian gas, particularly considering the potential of gas-rich nations such as Kazakhstan.
16 February 2007 [20:19]

Azerbaijan increases gas supplies to Georgia

Georgia will receive 1,3 million cubic meters of Azerbaijani gas per day until April 1 at USD 120 per 1000 cubic meters, instead of 1 million cubic meters as agreed previously, the state-run Georgian Oil and Gas Corporation (GOGC) said on February 16.
16 February 2007 [17:32]

First supertanker loaded from BTC pipeline

Statoil is marketing the first oil to be exported by very large crude carrier (VLCC) from the Turkish port of Ceyhan. Oil from the Caspian Sea is transported through the Baku-Tbilisi-Ceyhan (BTC) pipeline, in which the group holds an interest.
16 February 2007 [17:30]

Patarkatsishvili speaks of reasons for selling Kulevi terminal

Influential Georgian business mogul Badri Patarkatsishvili sold his Kulevi oil terminal to Azeri investors "in order to restore the correct balance between our relations with Azerbaijan and Kazakhstan," the businessman said during an interview with Imedi TV, which he owns.
16 February 2007 [17:04]

IFC, ADA Group ink agreements to finance Almali retail chain in Azerbaijan

IFC, the private sector arm of the World Bank Group, Friday signed agreements to provide financing to the ADA Group, which operates Almali, the first local food retail chain in Azerbaijan.
16 February 2007 [15:40]

Azerbaijan to earn $250mln from effective asset management

National Bank of Azerbaijan and State Oil Fund (SOFAZ) foresee the country will earn between $200mln and 250mln from effective management of assets for 2007.
16 February 2007 [14:34]

Azeri banks inefficiently use potential Internet technologies

Despite bank sector is a dynamically developing business in Azerbaijan, high-tech process, especially Internet banking, e-commerce etc. is limping.
16 February 2007 [14:32]

2006 gold demand soars 22%

Despite reduced supply and a fall in tonnage, demand for gold in 2006 reached a record US$65.3bn, the World Gold Council (WGC) said on Thursday.
16 February 2007 [09:45]

BBC, CNN to broadcast trailer on Azerbaijan investments

Azerbaijan Export and Investment Promotion Foundation (AZPROMO) will prepare trailer on country's economy and investment milieu.
16 February 2007 [09:35]

Trades at BICEX, Feb. 15

The weighted average exchange prices made up 0.8694 AZN for 1 US dollar in the Baku Interbank Currency Exchange on February 15.
16 February 2007 [09:25]

ISO Secretary-General to visit Azerbaijan

Alan Bryden, Secretary-General of International Organization for Standardization (ISO) will be visiting Azerbaijan on March 1-2 at the invitation of Azerbaijan State Agency for Standardization, Metrology and Patents.
16 February 2007 [08:50]

Azerbaijan's industry grows 52.4%

Industrial production grew 52.4%, in January, to AZN 14.95bn in Azerbaijan.
16 February 2007 [08:45]

Phone subscribers to be more than double in Azerbaijan in two years

Within the scope of the 2005-2008 State Program for Information and Communications Technologies, telecommunications networks will be expanded and subscribers will more than double, said Communications and Information technologies Minister Ali Abbasov.
16 February 2007 [08:40]

Azerbaijan to license international phone operators

Under a presidential decree, international telephone operators will be licensed in Azerbaijan, Communications and Information Technologies Minister Ali Abbasov said.
16 February 2007 [08:35]

Azerbaijan Microfinance Bank's current loan portfolio beats $50mln

Azerbaijan Microfinance Bank's current loan portfolio has beaten $50mln, said General Manager Andrew Pospilovski.
16 February 2007 [08:30]

Proposals to limit phone talk time in Baku sent to Tariff Council

The proposals to limit excessive home telephone use have been submitted to the Tariff Council.
16 February 2007 [07:35]

Azerbaijani President congratulates Azerbaijan National Bank on jubilee

Azerbaijan's President Ilham Aliyev sent a letter of congratulations to Azerbaijan National Bank on its 15th anniversary.
16 February 2007 [07:30]

Azer-Asia Insurance to raise nominal capital 44%

Azerbaijan-Iran Insurance Company Azer-Asia intends to increase its authorized capital 43.8% to AZN 1mln this year.
16 February 2007 [07:25]

EBRD extends $3mln-loan to Nikoil Bank

The European Bank for Reconstruction and Development is supporting the expansion of Azerbaijan's Nikoil Bank with a $2 million loan and up to $1 million under the EBRD Trade Facilitation Programme (TFP).
16 February 2007 [01:53]

20 enterprises in Sumgait included in Industry Development Program

20 big enterprises in Sumgait have been included into the State Program for Industrial Development in Azerbaijan being worked out by the Industry and Energy Ministry.
15 February 2007 [22:48]

Azeri envoy meets Jordan's Minister of Energy

Jordan and Azerbaijan on Thursday discussed ways of increasing cooperation in the oil and natural gas in addition to the mining devices.
15 February 2007 [18:51]

Electricity supply to debtors cut off in Baku

Bakielectricshebeke, Baku Electricity Network Company, began to cut off electricity supply to debtors from 1500 hrs, February 15.
15 February 2007 [17:47]

National carrier to stop using Tupolev aircrafts

Azerbaijan's national aircarrier AZAL will stop using Russian-made Tupolev aircrafts by 2008.
15 February 2007 [17:43]

Workshop held for insurers and brokers

A workshop has been organized for Azeri insurance and brokerage company personnel in Baku by Malakut Insurance (Azerbaijan), Malakut Russia and Kapital (Russia).
15 February 2007 [17:07]

Proposals to limit phone talk time in Baku sent to Tariff Council

The proposals to limit excessive home telephone use have been submitted to the Tariff Council.
15 February 2007 [16:52]

Ali Abbasov meets with Caspian Integration Business Club members

Communications and Information technologies Minister met with Caspian Integration Business Club members.
15 February 2007 [16:03]

US Energy Secretary discourages talk of natural gas cartel

U.S. Energy Secretary Samuel Bodman said Wednesday he will discourage any plans to form an overseas natural gas cartel, saying open, not limited, markets are key to meeting future energy demand.
15 February 2007 [16:00]

Alternative Inflation Methodology finds inflation rate at 14.3% in Azerbaijan

The Economic Research Center (ERC) delivered a presentation of the Alternative Inflation Methodology Development Project funded by the U.S. Agency for International Development (USAID) at the International Press Center, February 15.
15 February 2007 [15:58]

Industry zone likely to be established in Sumgait

"Technical and economic assessment has been implemented on the creation of free economic zone and industrial area in Sumgait, while no serious activities are ongoing on the issue," Sumgait Executive Committee Chairman Vagif Aliyev said.
15 February 2007 [13:33]

Azerbaijan GDP up 46.7% in 1M07, y-on-y

Azerbaijan's gross domestic product grew 46.7% in January, year-on-year, or by 524 million manat (over $681 million), to 1.6 billion manat (about $2.1 billion), the statistics committee of the energy-rich South Caucasus nation said Thursday.
15 February 2007 [13:31]

Anglo Asian says positive Gedabek scoping study, sees costs below $25 mln

Azerbaijan-focused gold and copper company Anglo Asian Mining PLC said it received a very positive outcome from the scoping study it completed on the Gedabek gold-copper-silver property.
15 February 2007 [13:06]

BP lands in more trouble on Caspian pipeline

A US government lending agency has been told by its own internal accountability watchdog that it must monitor more closely the safety of BP's vital pipeline in central Asia, amid allegations that the company failed to report immediately cracks and leaks in its coating.
15 February 2007 [10:00]

U.S. official: "Azerbaijan eyes 20 bcm gas exports"

Azerbaijan believes it can boost natural gas production within the coming five years to a point where it could be exporting 20 billion cubic metres by 2012, a U.S. official said on Wednesday after a visit to the region.
15 February 2007 [09:55]

Azerbaijan Microfinance Bank opens new branch

On January 24, Microfinance Bank of Azerbaijan has opened a new branch in the center of Baku, at 15, Rasul Rza Street.
15 February 2007 [09:50]

Agro-Azerinvest LLC to increase wine experts

On February 21-24, Azerbaijan will be represented by Azerinvest LLC in International Competition of Winemaking Industries to be held in Moldova.
15 February 2007 [09:15]

Georgia's debt to Azerbaijan remains unchanged

According to the information for January of this year, the amount of Georgia's state debt has not changed; this debt amounts to $14, 527m.
15 February 2007 [08:50]

Trades at BICEX, Feb.14

The weighted average exchange price made up 0.8697 AZN/USD at trading sessions on the Baku Interbank Currency Exchange on Wednesday.
15 February 2007 [08:45]

Phase 2 of oil-chemical production to be presented in Baku

In late February, a presentation will be delivered on Phase 2 of the project for establishment of oil-chemical enterprise by LY Investment Consulting Company.
15 February 2007 [08:40]

Baku Deepwater Jackets Factory resumes producing welding electrode

The Heydar Aliyev Baku Deepwater Jackets Factory has resumed producing welding electrodes after a five-year interruption.
15 February 2007 [08:35]

Salary rises by 21.3% in communications sector

The number of people employed by communications sector rose 8.6% to 21,200 and average monthly salary climbed 21.3% to AZN 219.5 during 2006.
15 February 2007 [08:30]

NTRC to take preventive measures against broadcasting of illegal cable televisions

"Measures plan has been worked out to prevent illegal broadcasting of cable televisions," National Television and Radio Council (NTRC) chief Nushirevan Meherremli said.
15 February 2007 [08:15]

Azerfarm to export medicines to Uzbekistan

Azerfarm LLC will export medications to Uzbekistan.
15 February 2007 [08:10]

Legal procedure on former Barmek officials' appeals starts

Legal procedure on the appeals of six officials of Barmek-Azerbaijan Electricity Distribution LLC, presided over by Resul Seferov was held in Appeal Court.
15 February 2007 [08:00]

U.S. Technical Assistance Project to help calculate and minimize inflation in Azerbaijan

The Economic Research Center will make a presentation of the Alternative Inflation Methodology Development Project funded by the U.S. Agency for International Development (USAID) at the International Press Center, 1 F. Amirov Street, Baku on Thursday, February 15.
15 February 2007 [07:55]

South Caucasus Pipeline to spend $41mln in capital expenditure

"In 2006 the project spent $269mln in capital expenditure versus the target of $160mln, and in 2006 we are planning to spend $41mln in capital expenditure on South Caucasus Pipeline activities," BP-Azerbaijan President Bill Schrader told at the 2006 results media briefing.
15 February 2007 [07:50]

Azerbaijan's top banker receives Undersecretary of Italian International Commerce Ministry

Elman Rustamov, Chairman of National Bank of Azerbaijan, has today received an Italian delegation led by Milos Budin, undersecretary of Ministry of International Commerce.
15 February 2007 [07:45]

Russian, Ukrainian companies interested in reconstruction of Sumgait Superphosphate Plant

Negotiation with Russian and Ukrainian companies on reconstruction of Sumgait Superphosphate Plant is ongoing.